In its annual income statement, Fox Co. reported incomebefore income taxes of $300,000. Foxestimated that, because of permanent differences, taxable income would be $280,000, and during the year Fox made estimated tax payments of $50,000, which were debitedto income tax expense. Fox is subject to a 30% tax rate. What amount should Fox report as income tax expense?
A. $50,000
B. $84,000
C. $34,000
D. $90,000
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